Both eChecks & traditional ACH are accepted by large banks and can be used to debit your customer's bank account using routing and account number. Verified ACH requires customers to verify their bank account using their bank login and password.
eCheck21 - SeamlessChex:
- Same / next day deposits
- Same day approval
- Quickest way to debit customers bank accounts
- No transaction limits
- Fewer chargebacks & disputes
- Available for all legal businesses
- Allows more characters to be used on the descriptor than ACH transactions
Traditional ACH - SeamlessChex:
- Four day settlements
- Average approval times ~ 1 week
- Transaction / monthly limits are determined by underwriting and based on company's financial strength
- Strict return thresholds governed by NACHA
- ACH rules require revoked transactions (chargebacks) to remain below 0.5% and returns under 15%
- Not available for High-Risk companies or Startups
Verified ACH - Paynote:
- Funds settle in four days but funding times can be set to next day for qualified businesses
- Plaid verification. Not able to bill using customer’s routing & account number
- Same day setup -
- Available to some high risk businesses and startups
- Standard limits are set to $10k, but higher limits are available upon request for enterprise clients
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